Jetrader - November/December 2012 - 3

Jetrader is a bi-monthly publication of the International Society of Transport Aircraft Trading (ISTAT). ISTAT was founded in 1983 to act as a forum and to promote improved communications among those involved in aviation and supporting industries, who operate, manufacture, maintain, sell, purchase, finance, lease, appraise, insure or otherwise engage in activities related to transport category aircraft. Jetrader is published for: International Society of Transport Aircraft Trading 401 N. Michigan Ave., Suite 2400 Chicago, IL 60611 USA Tel: 312.321.5169 Fax: 312.673.6579 www.ISTAT.org E-mail: istat@istat.org

from the president

Joe Ozimek, President International Society of Transport Aircraft Trading

ISTAT BOARD OF DIRECTORS OFFICERS Joe Ozimek President Immediate Past President John W. Vitale Daniel J. Pietrzak Vice President Marc Allinson Vice President/Treasurer Gregory A. May Vice President/Secretary DIRECTORS Ron Baur Dick Forsberg Mark Pearman-Wright Mike Skinner David Swan Steven Townend Phil Seymour Anthony Diaz Jay Hancock Douglas W. Runte David P. Sutton Jep Thornton Warren Willits Chairman, ISTAT International Appraisers Program Board of Governors

ISTAT INTERNATIONAL APPRAISERS’ PROGRAM BOARD OF GOVERNORS Phil Seymour Chairman/Senior Appraiser Olga Razzhivina Senior Appraiser Oliver Stuart-Menteth Senior Appraiser John Beekman* Richard Kruse* Bert van Leeuwen* Bruce Nicoletti* Betsy R. Snyder* Jack Feir Appraiser Fellow, Administrative Director, ISTAT International Appraisers’ Program *These individuals are not certiﬁed appraisers. ISTAT FOUNDATION BOARD OF TRUSTEES Warren Willits Chairman David P. Sutton Vice Chairman Joe Ozimek ISTAT President John W. Vitale Immediate Past ISTAT President Marc S. Allinson Vice President/Treasurer TRUSTEES Julian Balaam Robert Convey Dean Gerber Vito La Forgia Ken Perich Marco Sterk Robert Brown Todd Freeman Thomas W. Heimsoth Dana J. Lockhart Ron Pye Sonny Stern

Dear fellow ISTAT member, As I write this, the Paciﬁc Northwest is heading for 80 days without any rain – the driest stretch in nearly a century. That’s not normal hereabouts. So, just to be safe, I’m leaving town for another circumnavigation of the globe, talking about the 737 MAX. Fortunately it’s for eight days, not 80. And it should be raining by the time I’m back! I was pleased to see many of you at ISTAT Europe. The Rome event was excellent by all accounts – some 800 attendees, excellent speakers, fair weather and a great venue. And that’s not just my opinion, but it’s the feedback we got from those present. Special thanks go to conference leaders David Swan, Mike Skinner and Mark Pierman-Wright, and to the great ISTAT support team, for another worldclass event! Our Rome meeting presented a good view of the current state of our industry. We were fortunate to have high-level representatives from across our sectors – ﬁnancing, leasing, airlines and trading to name a few. Their mood was encouraging in that, even with economic headwinds, oil prices and other market pressures in play, aviation seems to be doing okay, and we left feeling that those in the know are conﬁdent that we can continue to weather the current environment without major disruptions. Speaking earlier of opinions, one subject that ﬁnds me energized is the discussion of the economic lives of aircraft, and whether it’s moving away from its historical 25-year level. I think debate is healthy, particularly when it’s informed by data. What concerns me is that opinions are being expressed by people who seem to be unencumbered by the facts that say useful lives of single-aisle airplanes are more like 15 years. As an engineer whose stock in trade is deciding by virtue of the data we have in hand, I’ve seen nothing that suggests we have moved away from 25 years. I hope that before the industry debate moves any further, we embrace the facts and shun speculation. As we near year end, the facts would indicate that ISTAT’s doing well. 2012 events were well attended, and your feedback had been that our activities were well planned and offered member value. Ahead of us still are the holiday receptions in New York City and Dublin (and in Asia in ﬁrst quarter 2013), which means our 2013 annual meeting is not far away. It’s been a good year in my opinion, and I hope you feel the same. Here’s wishing you and yours a pleasant holiday season and New Year, and we’ll talk again in 2013! Joe Ozimek

INTERNATIONAL SOCIETY OF TRANSPORT AIRCRAFT TRADING Ron Pietrzak Executive Director Ben Barclay Project Coordinator Cynthia Cortis Conference Director Katie Walsh Conference Senior Coordinator Rebecca Holloway Senior Associate Marcia Daudelin Senior Marketing Manager

Jetrader 3

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Jetrader - November/December 2012

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